What types of financial and non-financial businesses are considered to be vulnerable to money laundering?
Banks are considered to be an important conduit through which criminals attempt to launder their illicitly derived monetary proceeds. However, unlike the days during which money launderers attempted to deposit large amounts of cash into bank accounts, money launderers today typically employ far more sophisticated schemes in order to avoid detection by bank officials and law enforcement. These schemes, which are often structured with the professional assistance of specialized intermediaries and counsel, may involve nominee accounts, shell corporations established in offshore and/or secretive jurisdictions and a variety of sophisticated monetary transfer techniques such as the “starburst,” the “ricochet” or the “boomerang.” There are several types of banking and related financial services that are considered to have greater vulnerability to money laundering schemes. These higher risk services include, but are not limited to, private banking, correspondent banking and payable through acco
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